大行评级｜招银国际：上调蔚来目标价至55港元 上调2025财年销量预测

Core Viewpoint - The report from CMB International recognizes NIO's efforts in cost reduction, which is partially reflected in the Q2 financial results [1] Group 1: Sales Forecast - CMB International has raised NIO's sales forecast for the fiscal year 2025 to 345,000 units [1] - The sales forecast for Q4 is expected to be 158,000 units [1] Group 2: Profitability Metrics - The vehicle gross margin is projected to be 15.7% [1] Group 3: Ratings and Price Targets - CMB International maintains a "Hold" rating for NIO [1] - The target price for NIO's US stock has been increased from $4 to $7 [1] - The target price for NIO's H-shares has been raised from HKD 31 to HKD 55 [1]